The rally in Treasuries is relenting this morning following the release of global PMI data, with yields little changed across the curve. The European flash PMI readings for June were better than expected, if only slightly, but at this point in the cycle, less negative is positive. The general media headlines were more focused on reports of a potential U.S. retaliation against Iran that was recalled by President Trump at the last moment, but oil futures aren’t really reacting that strongly to the news (Brent and WTI futures up less than 1%). Most major equity indices are unchanged to slightly lower on the day, including S&P 500 futures (-0.25%). U.S. PMI data will be released later this morning, with markets expecting the readings to be little changed from May (slightly in expansion territory). Existing home sales data for May will also be released this morning.
Managing Director, Investment Management Group
|6/21/2019||Markit US Manufacturing PMI||50.5||—||50.5||—|
|6/21/2019||Markit US Services PMI||51||—||50.9||—|
|6/21/2019||Markit US Composite PMI||—||—||50.9||—|
|6/21/2019||Existing Home Sales||5.30m||—||5.19m||—|
|6/21/2019||Existing Home Sales MoM||2.10%||—||-0.40%||—|
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